Coverage of an immediate physical loss resulting from unplanned outages

According to of REMIT, the prohibition of insider trading shall not apply to “transactions entered into by electricity and natural gas producers, operators of natural gas storage facilities or operators of LNG import facilities the sole purpose of which is to cover the immediate physical loss resulting from unplanned outages, where not to do so would result in the market participant not being able to meet existing contractual obligations or where such action is undertaken in agreement with the transmission system operator(s) concerned in order to ensure safe and secure operation of the system. In such a situation, the relevant information relating to the transactions shall be reported to the Agency and the national regulatory authority. This reporting obligation is without prejudice to the obligation set out in Article 4(1)”. (extract from Article 3(4)(b) of REMIT)

If a market participant wants to apply the above mentioned exemption, the relevant information relating to the transactions shall be reported to the Agency and to the competent National Regulatory Authority (NRA).

In order to assist those market participants who are obliged to report information to the Agency and NRAs, the Agency has developed a standard notification format, based on the experience in financial markets, and recommends its adoption by all NRAs.

For those market participants who are obliged to notify information on the coverage of an immediate physical loss resulting from unplanned outages to the Agency and the relevant NRA, the Agency has developed a web application: